The Philippines ranks first for NFT ownership out of 20 countries

Filipino internet users are much more likely to own NFTs compared to their global counterparts, according to Finder.com’s Global NFT Adoption report.

NFT adoption in the Philippines could soon hit 41.5%

• 32% of Filipino internet users currently have NFTs and 9.5% plan to own NFTs in the future

• Around half of Filipino internet users know what NFTs are

• NFT adoption is the highest in the Philippines (32%) and lowest in Japan (2.2%)

• Commentary from Finder.com’s cryptocurrency editor, Keegan Francis

Finder.com’s survey of more than 28,000 adults reveals 32% of Filipino internet users own NFTs, well above the global average of 11.7%. In fact, the Philippines currently ranks first out of 20 countries for NFT adoption.

Adoption is set to climb, with 9.5% of internet users planning to own NFTs in the future. That means the adoption rate will hit 41.5% and Finder.com’s cryptocurrency editor Keegan Francis says that’s a conservative forecast.

"It’s still very early days for NFTs in the Philippines. 51% of Filipino internet users currently know what NFTs are and we expect adoption to grow with awareness."

The Philippines is expected to retain its spot in the global rankings even as NFTs take off in other countries. 

“Even with countries like Nigeria and Peru set to see NFT adoption increase by 22 and 15 percentage points respectively, they won’t come close to the Philippines rate of adoption.”

“Men are currently the biggest adopters, with 33.7% saying they own NFTs compared to 30.3% of women.”

Japan has the smallest percentage of people with NFTs (2%), followed by the UK and the US at 3% each.

Francis noted that NFT adoption is much higher in countries that have a lower average wage of working citizens.

“In some of these countries people are quitting their jobs because they can make money trading NFTs or earning them in games.

“NFTs can be a great gateway to cryptocurrency ownership, especially because many NFT games don’t require ID. 

“If you want to buy NFTs directly then you’ll need to set up a wallet, purchase cryptocurrency, and choose an NFT marketplace”.